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Dividend Policy

The dividend policy of the Company undergoes a periodic review by the Board of Directors and is subject to change at any time depending upon the earnings of the Company, its financial requirements and other factors existing at the time. Prior to 2001, dividends had not been paid on the common shares of the Company. On January 17, 2001 the Board of Directors approved a dividend policy for the payment of a regular quarterly dividend. Dividends have been typically paid on the first day of January, April, July and October of each year since April 1, 2001.

Eligible Dividend Designation - pursuant to subsection 89(14) of the Income Tax Act of Canada (ITA) each dividend paid by Canadian Natural Resources Limited on or after January 1, 2006 qualifies as an eligible dividend for Canadian income tax purposes, as defined in subsection 89(1) of the ITA.

Our Company's history on dividend payments is as follows:

Record Date

Payment Date

Amount*

September 14, 2018

October 1, 2018

$0.3350

June 15, 2018

July 1, 2018

$0.3350

March 16, 2018

April 1, 2018

$0.3350

December 12, 2017

January 1, 2018

$0.2750

September 15, 2017

October 1, 2017

$0.2750

June 16, 2017

July 1, 2017

$0.2750

March 17, 2017

April 1, 2017

$0.2750

December 9, 2016

January 1, 2017

$0.2500

September 16, 2016

October 1, 2016

$0.2300

June 17, 2016

July 1, 2016

$0.2300

March 18, 2016

April 1, 2016

$0.2300

December 11, 2015

December 31, 2015

$0.2300

September 11, 2015

October 1, 2015

$0.2300

June 12, 2015

July 1, 2015

$0.2300

March 16, 2015

April 1, 2015

$0.2300

December 12, 2014

January 1, 2015

$0.2250

September 12, 2014

October 1, 2014

$0.2250

June 13, 2014

July 1, 2014

$0.2250

March 17, 2014

April 1, 2014

$0.2250

December 13, 2013

January 1, 2014

$0.2000

September 13, 2013

October 1, 2013

$0.1250

June 14, 2013

July 1, 2013

$0.1250

March 18, 2013

April 1, 2013

$0.1250

December 14, 2012

January 1, 2013

$0.1050

September 14, 2012

October 1, 2012

$0.1050

June 15, 2012

July 1, 2012

$0.1050

March 19, 2012

April 1, 2012

$0.1050

December 16, 2011

January 1, 2012

$0.0900

September 16, 2011

October 1, 2011

$0.0900

June 17, 2011

July 1, 2011

$0.0900

March 18, 2011

April 1, 2011

$0.0900

December 17, 2010

January 1, 2011

$0.0750

September 17, 2010

October 1, 2010

$0.0750

June 11, 2010

July 1, 2010

$0.0750

March 12, 2010

April 1, 2010

$0.0750

December 11, 2009

January 1, 2010

$0.0525

September 11, 2009

October 1, 2009

$0.0525

June 12, 2009

July 1, 2009

$0.0525

March 13, 2009

April 1, 2009

$0.0525

December 12, 2008

January 1, 2009

$0.0500

September 12, 2008

October 1, 2008

$0.0500

June 13, 2008

July 1, 2008

$0.0500

March 14, 2008

April 1, 2008

$0.0500

December 14, 2007

January 1, 2008

$0.0425

September 14, 2007

October 1, 2007

$0.0425

June 15, 2007

July 1, 2007

$0.0425

March 16, 2007

April 1, 2007

$0.0425

December 15, 2006

January 1, 2007

$0.0375

September 15, 2006

October 1, 2006

$0.0375

June 16, 2006

July 1, 2006

$0.0375

March 17, 2006

April 1, 2006

$0.0375

December 16, 2005

January 1, 2006

$0.0300

September 16, 2005

October 1, 2005

$0.0300

June 17, 2005

July 1, 2005

$0.0300

March 18, 2005

April 1, 2005

$0.028125

December 17, 2004

January 1, 2005

$0.0250

September 17, 2004

October 1, 2004

$0.0250

June 18, 2004

July 1, 2004

$0.0250

March 12, 2004

April 1, 2004

$0.0250

December 12, 2003

January 1, 2004

$0.01875

September 12, 2003

October 1, 2003

$0.01875

June 13, 2003

July 1, 2003

$0.01875

March 14, 2003

April 1, 2003

$0.01875

December 13, 2002

January 1, 2003

$0.015625

September 13, 2002

October 1, 2002

$0.015625

June 14, 2002

July 1, 2002

$0.015625

March 15, 2002

April 1, 2002

$0.015625

December 14, 2001

January 1, 2002

$0.0125

September 14, 2001

October 1, 2001

$0.0125

June 15, 2001

July 1, 2001

$0.0125

March 19, 2001

April 1, 2001

$0.0125

* All amounts represent pre-tax dividend amounts in Canadian dollars. All figures adjusted for the May 28, 2004, May 27, 2005 and May 28, 2010 two-for-one common stock splits. Stock Split History